Lloyds Bank has announced the closure of its Penrith branch next year.

The branch will close on March 19, 2024. 

The decision for the closure comes after a review of the King Street branch's performance, revealing a significant decline in in-person transactions over the past five years.

The Lloyds Banking Group is also set to close its Penrith Halifax branch as well as the Halifax branch on King Street in Whitehaven on April 9, 2024.

The review states: "The world is becoming more digital than ever before and more of our customers are doing their everyday banking online.

"With more customers banking digitally, we've seen a fall in-branch visits. Because of this, we've decided to close this branch," they said. 

The review said 288 people are using the Penrith branch on a regular basis, of which a majority are aged between 55-74. 

Branch transactions for personal customers have decreased by 57 per cent over the past five years. 

Cashpoint machine transaction have also declined by 67 per cent. 

It also indicated that 25 per cent of customers used other Lloyds branches. 

The nearest alternative branches are located in Carlisle and Kendal. 

After the branch closes, a community banker will visit the area to offer face-to-face targeted support.